A series of research on high-tech equipment companies of science and technology board: Tianyi Shangjia (688033)
Core viewpoints: 1. The company’s main business: The company is a supplier of high-speed railway powder metallurgical brake core parts. The main products are powder metallurgical brake pads, composite brake pads, and brake shoes.Powder metallurgical brake pads are mainly used in high-speed rail EMUs, while brake pads and brake pads are mainly targeted at locomotives and urban rail vehicles, and are the core and key components 无锡夜网 of brake systems for rail transit.The company’s profit model includes two models: product integration into new vehicles (system integration) and vehicle follow-up inspection (CRCC mining and repair).The company’s customers are mainly concentrated in the 18 local railway bureaus and their affiliates under the Railway Corporation, the brake system integrators under the Railway Corporation, and the vehicle manufacturing enterprises under CRRC.  2. Core technology: The company has core technologies in the field of powder metallurgical brake pads, composite brake pads, and brake shoe production.  The company’s products are mature and can maintain good performance in high-speed high-temperature and high-cold environments.The company is the core supplier of “Fuxing” powder metallurgical brake pads for motor vehicles. The certificate covers the first model in the country; the company holds the certificate the first model in the country, holds a number of patents and participates in the development of industry standards.  3. Similar and company name: The company’s leader in domestic powder metallurgy brake pad products has obvious competitive advantages and market share.The major domestic competitors are Knorr-Bremse Vehicle Equipment (Suzhou) Co., Ltd., CRRC Qishuyan Locomotive and Rolling Stock Technology Research Institute Co., Ltd., Beijing Puran Rail Transit Technology Co., Ltd., Beijing Ruisifu High-tech Co., Ltd. and Boshen Tools Co., Ltd.Company company.  4. Actual controller and important shareholder: The actual controller of the company is Wu Peifang.Wu Peifang directly holds the company 31.19% of the shares are held by Kyutai Fanghe4.16% of the shares, Wu Peifang’s concerted actions were released by the company to hold 0.32% of the shares, namely Wu Peifang, Jiutai Fanghe and Shijia, let the total issuer hold 35.68% stake.Ms. Wu Peifang has extensive industry experience and is also the company’s core technical staff.  5. Financial status: The company’s operating income for 2016-2018 was 4.6.8 billion, 5.07 billion and 5.580,000 yuan, an increase of 8 in 2017 and 2018 respectively.26% and 10.01%, showing a good growth trend overall; comprehensive gross profit margins were 74.32%, 73.12% and 75.11%, stable at a high level.Powder metallurgical brakes have always remained the company’s largest business, and achieved revenue in 20185.5.3 billion, accounting for 99.18% is the main driver of the company’s growth.The short-term new vehicle model has the expected growth trend, and the long-term vehicle follow-up maintenance model can provide stable support for the company’s performance.Considering the relatively stable growth rate of the company’s industry in the future, and the company’s business structure is multiple, we give the company an estimate of 18-23 times, corresponding to a market value of $ 4.8 佛山桑拿网 billion to $ 6 billion.  6. Risk warning: the risk that the downstream EMU demand is lower than expected; the risk that product certification and maintenance qualifications cannot be obtained; the risk that the industry’s intensified competition will reduce the gross profit margin of major products.